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Image by Fareed Mindalano / Playground AI – Can the Shib Price Handle Another 13% Drop?

Shiba Inu’s Shibarium layer-2 network is inching closer to its long-awaited launch after facing delays in development. However, price action on SHIB is unpredictable at best at the moment and the coin has likely seen most of its major gains already.

Shibarium’s test network, Puppynet, has been successfully processing transactions and accumulating wallet addresses at an impressive rate since its launch in March 2023.

Analyzing data from puppyscan.shib.io, Puppynet has processed over 15 million transactions and holds over 16 million wallet addresses in just two months.

On average, the testnet handles 668,209 daily transactions, demonstrating its ability to manage a high volume of activity.

The developers conducted a stress test that generated 9 million addresses, assessing the network’s capabilities.

Lead developer Shytoshi Kusama has estimated that Shibarium may launch from June to August. Still, the release could be pushed back to Q3 2023 due to potential technical difficulties, according to a member of the SHIB marketing team named @LucieSHIB.

Further delays may negatively impact SHIB’s market position as Shibarium’s launch is expected to boost SHIB’s price. It is in the project’s best interest to avoid additional setbacks.

SHIB Price Prediction and Technical Analysis: Testing the Lower Depths of Support Levels

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Bearish Divergence in RSI Forebodes Potential SHIB Price Drop

Shiba Inu (SHIB) looks primed for a price drop based on bearish technical indicators.

The relative strength index (RSI) for SHIB is 35.36, indicating oversold conditions and a high probability of decline.

SHIB is also showing a hidden bearish divergence between price and RSI, suggesting hidden weakness despite a steady price. Traders should be alert for a significant downward move.

20-day, 50-day, and 100-day EMA Reflects Prolonged Pressure on SHIB Price

The EMAs over the past 20, 50, and 100 days for SHIB point towards a declining price trend.

EMAs over the past 20, 50, and 100 days for SHIB are $0.00000879, $0.00000939, and $0.00000998, respectively.

This clearly highlights the extended bearish pressure on the SHIB price as it is currently trading at $0.00000848.

The 20-day EMA is acting as a significant resistance level for SHIB. The price has been trailing this level for the past 42 days, including today, when it recorded an intraday high of $0.00000878.

This consistent failure to breach the 20-day EMA suggests a lack of bullish momentum for SHIB’s price.

MACD Histogram: Another Bearish Signal for the SHIB Price

Further validation of the bearish trend comes from the MACD histogram.

The current MACD reading is 0.00000005, down from yesterday’s 0.00000006, indicating that sellers are gaining ground and that downward pressure on SHIB’s price continues to grow.

Immediate Support and Potential Downside Targets for SHIB Price

As of now, SHIB’s price has immediate support between $0.00000845 to $0.00000868.

However, if the bearish divergence comes to fruition, we could see a further dip in the SHIB price.

The next support area to watch for is between $0.00000779 to $0.00000794, a potential 8% drop.

A more significant slump could even push the SHIB price further down to the $0.00000742 to $0.00000771 range, signifying a nearly 13% drop.

SHIB shows a bearish outlook in the short term according to multiple technical metrics.

Traders are advised to exercise caution and monitor SHIB closely. If SHIB breaks key support levels, it could fall up to 13%.

A Promising New Player: DeeLance, The Web3 Freelance Metaverse

While SHIB struggles with a bearish technical outlook, an emerging web3 freelance crypto project shows promise.

DeeLance, a web3 freelance metaverse platform, launched recently but has already hit multiple major milestones.

DeeLance has raised over $2.34 million in funding, including $1.22 million through presale and $1.12 million from venture capital firm Bitgert Ventures.

This funding highlights the potential of DeeLance’s unique vision for modernizing remote work and freelancing.

Visit DeeLance Now

Impressive Progress: DeeLance’s Presale Stage 4 and Investor Interest

Despite its recent launch, DeeLance has already achieved an impressive milestone in its presale.

With over $1.22 million raised so far through the sale of its native $DLANCE token, the project has now entered its fourth presale stage, with the $DLANCE price currently at $0.038.

DeeLance’s successful fundraising efforts have attracted the attention of investors, who are taking note of its upcoming listing price of $0.057 later this year.

With only four presale stages remaining, early investments could yield significant gains.

DeeLance’s Vision: Transforming Freelancing with Blockchain and NFTs

DeeLance’s platform seeks to modernize remote freelancing by incorporating blockchain and NFTs to address the challenges faced by remote workers and employers.

By offering increased security, transparency, and reduced fees, DeeLance’s goal is to compete with established freelancing platforms like Fiverr and Upwork and provide a fresh solution to the freelancing industry.

Adding to its credibility, DeeLance recently secured a strategic investment of $1.12 million from Bitgert Ventures, a VC firm that specializes in web3 investments.

This endorsement not only affirms DeeLance’s potential but may also pave the way for additional institutional funding.

With a focus on the tokenization of freelance work into NFTs, DeeLance’s platform addresses longstanding issues like payment fraud and copyright infringement.

By utilizing fast, secure crypto payments and the transparency of the blockchain, DeeLance offers stakeholders an unprecedented level of security and a compelling alternative to established freelance platforms.

The hype surrounding DeeLance continues to build, and it’s easy to see why.

Esteemed news and analysis outlets have regularly featured DeeLance as one of the best crypto presale projects of 2023.

DeeLance has been audited and certified by SolidProof and Coinsuls, further confirming its promise and safety for potential investors. The project has also secured a pre-ICO listing on CoinMarketCap.

DeeLance: Redefining the Future of Remote Work

Where Shiba Inu contends with technical challenges suggesting headwinds, DeeLance provides an intriguing alternative.

DeeLance offers a promising investment opportunity by utilizing blockchain to enhance remote work and freelancing.

Its unique approach to the industry presents an intriguing proposition for potential investors. For investors in search of promising web3 initiatives, DeeLance merits consideration.

Visit DeeLance Now

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